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Alicia and Marie own a vacation home at the beach. During the year, they rented the house for 4 2 days ( six weeks )
Alicia and Marie own a vacation home at the beach. During the year, they rented the house for days six weeks at $ per week and used it for personal use for days. The total costs of maintaining the home are as follows:
tableMortgage interest,$
Property Taxes,$
Insurance,$
Utilities,$
Repairs,$
Depreciation,$
Required:
a What is the proper tax treatment of this information on their tax return using the Tax Court method?
Note: Use days in a year. Round your intermediate computations to decimal places and final answers to nearest whole dollar value.
tableSchedule ESchedule AIncomeMortgage interestProperty taxesInsuranceUtilitiesRepairsDepreciationNet income,$
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